Punj Lloyd bags mega order from Libyan firm

Engineering and construction company Punj Lloyd Ltd has bagged an order worth over Rs 1,347 crore ($290 million) from Libya's Sirte Oil Company for pipeline projects.

Punj Lloyd informed the Bombay Stock Exchange that the order, to be executed on EPC (Engineering Construction and Procurement) basis, comprises two contracts.

The first contract, worth over Rs 692 crore ($149 million) involves the construction of the main 34 inch diameter, 98.4 km pipeline from Tripoli to Melita. It also entails the construction of a 24 inch diameter, 21 km branch pipeline to the Zawia power plant, the company said.

The work, scheduled to be completed in 22 months, involves the construction of gas pressure reducing and metering stations and a compressor station at Melita.

Under the second contract worth over Rs 655 crore ($141 million) the company would complete a 34 inch diameter, 157 km El Khoms-Tripoii pipeline.

Punj Lloyd said it would also undertake civil, mechanical, electrical and instrumentation work on the gas pressure reducing, metering and compressor stations at Sidra and Wachkah. This project is scheduled to be completed in 18 months.

"This is an important milestone for Punj Lloyd and will help us to set a strong foothold in Maghreb and Africa," the company's Chairman Atul Punj said.